Omnova Solutions reports loss on lower volumes

11:33 AM MDT | April 3, 2013 | Lindsay Frost

The closing of its wallcovering business, coating fabric manufacturing rationalization, and other charges drove Omnova Solutions’ earnings to a $200,000 loss in the quarter ended 28 February, compared to a $13.5-million gain in the year-ago quarter ended 29 February 2012. Reported adjusted earnings per share of 3 cts/share were lower than analyst estimates of 8 cts/share, according to Thomson Reuters (New York), and include restructuring, severance, manufacturing transition costs, and other items which totaled $1.9 million pretax. These were...